USD/JPY continues to hover in the area of 76 as the markets cannot find the fortitude to push the pair much lower. This makes sense as the Bank of Japan is currently expressing its unhappiness of the value of the Yen, and this pair should continue to find a bit of support in this area. Also, it didn't rise in a "risk on rally" that the EU triggered with the bailout announcement. This might make the BoJ more willing to get involved at this point.
EUR/USD absolutely skyrocketed on Thursday. The pair reacted quite strongly to the EU bailout announcement, and it seems to be pleasing to the market. The market rose far too much though, and a pullback is probably going to be in the cards. The pair looks like a "buy only pair" right now, and we think as long as the 1.40 level holds as support - this one will be tough to sell.
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